Provisioning for Asset Reconstruction Cost justified as AS 29 prescriptions qualified

Advertisement Vodafone Mobile Services Ltd. Vs DCIT (Delhi High Court) Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee was thus justified in accounting for the same. Thus, that question is answered in favour of assessee. Facts- Appellant vide the present appeal has mainly contested that the ITAT erred in upholding the disallowance of depreciation to the tune of Rs.5,10,79,752/- claimed on account of Asset Reconstruction Cost [“ARC‟] being an ascertained liability, or alternatively allowing deduction for such...